US Dollar Regains Some Lost Ground

US dollar is regaining some of the ground it lost yesterday, but is still somewhat weak. Greenback is higher against its major counterparts, but still hasn’t reached the performance level seen before yesterday’s mauling.

Yesterday, the greenback was down across the board, being savaged by the euro as optimism about a Greek deal, combined with the lackluster data out of the United States, pointed to a weaker dollar. Today, the US dollar is moving cautiously higher as Forex traders take profits, consolidate their positions and await further developments.
Greenback is also higher thanks to help from lower commodities. After gaining ground yesterday, commodities are dropping again. Oil is especially hard hit, with prices dropping below the $60 a barrel mark. Even though crude oil has gotten help in recent days, the market isn’t quite ready to support it at the $60 level.
At 10:40 GMT the US dollar index is heading higher, moving up to 96.17, which is higher than the previous close at 95.94. EUR/USD is lower, heading down to 1.1127 from the open at 1.1151. This is still good for the euro, which was started the week below the 1.10 mark. GBP/USD is down to 1.5278 from the open at 1.5344. USD/JPY is higher, moving up to 124.4580 from the open at 124.1190.

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